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Rent a tractor mounted 6" hole auger and place treated 4" round wood posts 3' deep with half a bag of quicrete poured in dry, add a gallon of water and tamp down with a stick. Fill the hole on up with dirt after the concrete sets. Use whatever fence you want between the posts but wire can be dangerous, and an electric fence will make the horsse fence shy (no leaning over to feed them or give them a neck scritch). We were given about 1000 feet of dog kennel 4' tall chain link fencing and top rail for our pastures. It's definately not ideal and can bend easily, but you can't beat the price.
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